Izatt said major oil producers, like Saudi Arabia and Venezuela, are going to get hurt by lower prices and will eventually be forced to cut back their output. In the meantime, many U.S. oil companies will be struggling, he said.

"The key to being successful in the coming environment is to understand the credit and the fixed income of these companies to know which ones are going to survive, which ones are going to do the best," he said.

Izatt explained further that investors who start getting involved in companies that seem strong enough to survive (sound balance sheets, for example), "are going to make a lot of money."

Winter should stabilize oil prices

Brian Van Der Brug | Los Angeles | Getty Images

Oil pumps and drilling equipment in an oil field in Kern County, where the majority of California's oil and gas production in Shafter, California.

Francisco Blanch, head of commodities research at Bank of America Merrill Lynch, said the coming winter months should provide some stability for oil prices.

"We think in the next few weeks we will find the floor and then we will turn higher into the year's end," he told CNBC's "Squawk Alley" on Tuesday.

In addition, moves by the Chinese central bank and an impending decline in shale oil production should help boost prices, he said.

"I don't see a continuation of the fast inventory buildup we've had over the last few quarters," he said. "I also think that monetary stimulus is still on the way. The Fed could delay the hike in September and we could see a fiscal package from China."